Interim Management Statement
Trading remains in line with expectations
Photo-Me (PHTM.L), the instant service equipment group, is today issuing its Interim Management Statement, which covers the period from 1 November 2011 to date.
For the first nine months of the financial year, to 31 January 2012, revenue in the Operations division has been at a very similar level to the same period last year, but profitability has been improved with good performance in Continental Europe and a continued recovery in Japan. Generally, costs have also been well controlled.
The Sales and Servicing division has not experienced any pick up since the end of the half year and overall, customers still remain cautious. Cost reductions at KIS continue and although the sales focus going forward is being increasingly concentrated on higher margin products, the market for this, by far the smallest of the Group's divisions, continues to be challenging.
Cash generation remains strong and at the end of January 2012 the net cash position had risen substantially over the last twelve months, even after paying dividends totalling £7.2m.
The Board continues to anticipate that the Group will achieve market expectations for the current year and is presently well placed for the future.
